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Beyond the volatility: is a near-term recession likely?

August has been a highly volatile period for the financial markets. Reignited trade tensions and recent yield-curve inversions have spooked investors, culminating in a 3% drop in the S&P 500 Index on Aug. 14, its worst day of the year. Ivy provides its perspective on these two market moving events.

Ivy Live/ 8.22.19

FAANG: In the government's crosshairs

The big four tech giants – Apple, Amazon, Facebook and Google – are facing antitrust investigations and scrutiny over data privacy. And surprisingly, the push is gaining bipartisan support. Is it just noise for the tech sector or a larger threat to investors?

Market Perspective/ 8.05.19

Fed cuts rates; where do we go from here?

The Fed announced a much-anticipated one-quarter-percentage-point cut to the federal funds rate. Following the decision, Fed Chairman Powell's press conference commentary was perceived as unexpectedly hawkish. While the market had a 'buy the rumor, sell the news’ reaction, but we believe underlying fundamentals should support continued growth during the rest of 2019.

Maximizing the Value of 529 Plans

Parents are preparing their kids to head back to school as the topic of affording college tuition looms large. Discover how you can help your clients with 529 plans.

Genlink

Attracting assets in motion

Over the next few decades, client assets currently held by Traditionalists and Baby Boomers will be controlled by Generation Xers and Millennials, reshaping the traditional financial advisor model. Discover how you can plan for each generation.

Genlink

Why advisors need to understand each generation

Navigating generational differences can be tricky, whether you’re speaking to a younger client or chatting with a long-time client that might be your parents’ age. Knowing each generation can lead to a growing and stable practice.

Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Fund Detail

InvestEd Conservative Portfolio

$11.24NAV as of 9/13/2019

($0.03) / -0.27%Daily NAV Change

Fund Summary

To seek to provide total return through a combination of capital appreciation and current income.

The Portfolio is intended for investors who have a lower tolerance for risk and whose primary goal is total return through income and capital appreciation, who have a shorter time horizon or who are willing to accept some amount of market volatility in exchange for greater potential income and growth. The Portfolio is also designed for investors who expect to incur expenses related to higher education within five years.

Morningstar Style Box

Value

Blend

Growth

Large

Medium

Small

LTD

MOD

EXT

High

Medium

Low

Portfolio Management

Chace Brundige, CFA

— Ivy Investment Management Company

— 3 Years with Fund

— 26 Years in Industry

Chace Brundige is co-portfolio manager of Ivy Asset Strategy Fund and Ivy VIP Asset Strategy since 2014. He was named a portfolio manager of Ivy VIP Pathfinder Portfolios and InvestEd Portfolios in 2016. Mr. Brundige became a member of the portfolio management team of the Waddell & Reed Advisors Wilshire Global Allocation Fund – which was later merged into the Ivy Wilshire Global Allocation Fund – in 2017. The fund is subadvised by Wilshire Associates, Inc. Mr. Brundige joined the organization in 2003 as vice president and assistant portfolio manager to the Large Cap Growth team after a previous tenure with the firm as an equity investment analyst from 1996 to 1999. He was portfolio manager of the firm’s Tax-Managed Equity Fund from 2006 to 2008 and the Global Growth funds from 2009 to 2014. He was appointed senior vice president in 2012. Mr. Brundige began his investment career at UMB Financial Corp. in 1991. He joined Waddell & Reed as an equity analyst in 1996. He joined TCW/WestBridge Ventures LLC in San Francisco as a vice president and limited partner in 1999. Mr. Brundige was an original member of Trust Company of the West’s venture capital arm. He was a vice president and sector head for Citadel Investment Group in 2001. Mr. Brundige graduated from Kansas State University in 1991 with a BS in Finance. He earned an MBA with an emphasis in Finance and Accounting from the University of Chicago Graduate School of Business in 1996. Mr. Brundige is a CFA® charterholder.

Aaron D. Young

— Ivy Investment Management Company

— 2 Years with Fund

— 14 Years in Industry

Aaron Young has been co-portfolio manager of Ivy Managed International Opportunities Fund, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios since 2016. Mr. Young is also a member of the firm’s Investment Risk Management group. Named to the team in 2017, his extensive quantitative research capabilities add depth to the firm’s risk management and portfolio analytics resources. Mr. Young joined the organization in 2005 as a fixed income investment analyst with an emphasis in credit research and derivative securities. He joined the Asset Strategy team as an investment analyst in 2007 and was named assistant portfolio manager of Ivy and Ivy VIP Asset Strategy Funds in 2012. He covered brokers, asset managers and exchanges as an equity investment analyst during 2008. He was appointed assistant vice president in 2012 and vice president in 2014. Mr. Young graduated with honors in 2000 with a BA in Philosophy from the University of Missouri. He earned an MBA with a concentration in Finance and Strategy from the Olin School of Business, Washington University in St. Louis in 2005.

W. Jeffery Surles, CFA

— Ivy Investment Management Company

— 1 Years with Fund

— 18 Years in Industry

Jeffery Surles is co-portfolio manager of Ivy Asset Strategy Fund, Ivy VIP Asset Strategy, Ivy VIP Pathfinder Portfolios and InvestEd Portfolios since 2018. He is a member of the portfolio management team of Ivy Wilshire Global Allocation Fund, sub-advised by Wilshire Associates, Inc., since 2018. He was portfolio manager of the former Ivy Global Income Allocation Fund from 2012 to 2018. Mr. Surles joined the organization in 2007 as a fixed income investment analyst. He was appointed assistant vice president in 2012 and vice president in 2014. He was appointed senior vice president in 2018. Prior to joining the firm, Mr. Surles was a portfolio manager from 2003 to 2005, and an investment analyst from 2001 to 2003, for Surles Development Corp. In the fall of 2000 he was a sales analyst for Enterprise Development Services, Inc. Mr. Surles graduated from Vanderbilt University in 2000 with a BS in Organizational Development. He earned an MBA with an emphasis in Finance from the University of Wisconsin in 2007. While attending the University of Wisconsin, he was actively involved in the Applied Security Analysis Program and completed an internship at Provident Trust Company in 2006. Mr. Surles is a CFA charterholder.

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

All Ivy InvestEd 529 Plan investment options except Ivy Government Money Market Fund shares are charged a front-end sales load of 2.50% for purchases up to $250,000. Ivy Government Money Market Fund does not have a front-end sales load. For Breakpoints and Rights of Accumulation see the Ivy InvestEd 529 Plan Program Overview. An annual $20 account maintenance fee is not included in the calculations.

Morningstar Ratingsas
of 8/31/2019

Morningstar Ranking
through 8/31/2019

Category: Allocation--30% to 50% Equity

Rank

Percentile

1 Year

202 /558

41

3 Year

185 /494

38

5 Year

254 /399

66

10 Year

236 /267

92

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar
Category based on average annual total return and number of Funds in that Category. The Morningstar
Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same
Category, where 1% = Best and 100% = Worst.

5-Year MPT* Statistics
as of 8/31/2019

Growth of a $10,000 Investment
through 8/31/2019

Assumes an investment over 10 years or life
of the share class, reinvestment of dividends
and capital gains, and does not include the
effect of sales charges or taxes.

Fund Distributions

Historical Prices
Inception 10/1/2001

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 10/1/2001

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

12-Month Trailing Dist. Yield
as of 8/31/2019

NAV

1.97%

With Sales Charge

1.92%

Fund Documents

Top 10 Industry Allocation
(as a % of Equity Holdings as of 8/31/2019)

Pharmaceuticals

4.2%

Data Processing & Outsourced Services

3.4%

Diversified Banks

3.4%

Internet & Direct Marketing Retail

3.3%

Aerospace & Defense

2.7%

Interactive Media & Services

2.7%

Systems Software

2.6%

Application Software

2.4%

Industrial Machinery

2.3%

Health Care Equipment

2.2%

Fixed Income Country Allocation
(as a % of bond holdings as of 8/31/2019)

United States

96.0%

Canada

0.9%

Japan

0.5%

United Kingdom

0.4%

Netherlands

0.3%

Luxembourg

0.2%

Mexico

0.2%

Indonesia

0.1%

Norway

0.1%

Columbia

0.1%

France

0.1%

South Korea

0.1%

Australia

0.1%

Singapore

0.1%

Denmark

0.1%

China

0.1%

Brazil

0.1%

Bermuda

0.1%

Chile

0.1%

Argentina

0.1%

Cayman Islands

0.0%

Turkey

0.0%

Qatar

0.0%

Saint Lucia

0.0%

Peru

0.0%

Macau

0.0%

United Arab Emirates

0.0%

Jamaica

0.0%

India

0.0%

Isle Of Man

0.0%

South Africa

0.0%

Venezuela

0.0%

Spain

0.0%

Saudi Arabia

0.0%

Austria

0.0%

Poland

0.0%

Vietnam

0.0%

Ireland

0.0%

Hong Kong

0.0%

Nigeria

0.0%

Panama

0.0%

Uruguay

0.0%

Switzerland

0.0%

Guernsey

0.0%

Portfolio Allocation Ranges
(as of the most recent prospectus)

Low

High

Ivy Corporate Bond Fund 1

0.0 %

35.0 %

Ivy Government Securities Fund 1

0.0 %

35.0 %

Ivy Securian Core Bond Fund

0.0 %

35.0 %

Ivy ProShares S&P 500 Bond Index Fund

0.0 %

35.0 %

Ivy Government Money Market Fund

0.0 %

25.0 %

Ivy ProShares S&P 500 Dividend Aristocrats Index Fund

0.0 %

25.0 %

Ivy Limited-Term Bond Fund

0.0 %

25.0 %

Ivy Core Equity Fund

0.0 %

25.0 %

Ivy Value Fund

0.0 %

25.0 %

Ivy Large Cap Growth Fund

0.0 %

25.0 %

Ivy Global Equity Income Fund

0.0 %

25.0 %

Ivy Proshares MSCI ACWI Index Fund

0.0 %

20.0 %

Ivy ProShares Interest Rate Hedged High Yield Index Fund

0.0 %

20.0 %

Ivy Apollo Strategic Income Fund

0.0 %

20.0 %

Ivy High Income Fund

0.0 %

20.0 %

Ivy International Core Equity Fund

0.0 %

20.0 %

Ivy Global Growth Fund

0.0 %

20.0 %

Ivy Global Bond Fund

0.0 %

20.0 %

Ivy Small Cap Growth Fund

0.0 %

10.0 %

Ivy Emerging Markets Equity Fund

0.0 %

10.0 %

Ivy ProShares Russell 2000 Dividend Growers Index Fund

0.0 %

10.0 %

Ivy LaSalle Global Real Estate Fund

0.0 %

10.0 %

Ivy Small Cap Core Fund

0.0 %

10.0 %

Ivy Mid Cap Growth Fund

0.0 %

10.0 %

Ivy Mid Cap Income Opportunities Fund

0.0 %

10.0 %

Sector Allocation
as a % of equity assets as of 8/31/2019

Information Technology

14.70%

Financials

13.81%

Consumer Discretionary

13.50%

Industrials

12.72%

Health Care

10.88%

Consumer Staples

9.86%

Communication Services

7.16%

Materials

5.40%

Energy

4.97%

Real Estate

4.49%

Utilities

2.51%

Quality
as a % of fixed income assets as of 8/31/2019

Government Bonds

70.90%

NonRated

0.60%

AAA

1.60%

AA

1.00%

A

6.20%

BBB

15.70%

BB

0.70%

B

2.00%

CCC

1.30%

Below CCC

0.00%

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is
each Portfolio’s general policy to classify such security at the lower rating level if only two ratings
are available. If more than two ratings are available and a median exists, the median is used. If more
than two ratings exist without a median, the lower of the two middle ratings is used. We do not
evaluate these ratings, but simply assign them to the appropriate credit quality category as determined
by the rating agency.

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Past performance is not a guarantee of future results. Investments into a 529 plan, including the Ivy InvestEdSM 529 Plan, are not guaranteed, and all investments involve a certain degree of risk. The value of your Ivy InvestEdSM 529 Plan account will depend upon the performance of the Portfolios in which your account is invested and the Portfolio’s share price will likely change based on the performance of the underlying funds in which it invests.

The bond funds in which the Portfolio invests are subject to interest rate risk and, as such, the net asset value of the Portfolio may fall as interest rates rise. Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Foreign investing involves additional risks, including currency fluctuations, political or economic conditions affecting the foreign country, and differences in accounting standards and foreign regulations. These risks are magnified in emerging markets. The equity funds in which the Portfolio invests are subject to market risks, and certain types of stocks, such as stocks of small-capitalization companies and foreign companies may be subject to greater price volatility. These and other risks are more fully described in the Portfolio's prospectus.

You could lose money by investing in the Ivy Government Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Before investing, non-residents or tax-payers of states other than Arizona should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors than those offered under the Ivy InvestEdSM 529 Plan. Please consult your tax advisor regarding your personal tax situation.

The Ivy InvestEdSM 529 Plan and shares of InvestEdSM Portfolios are offered by Waddell & Reed, Inc. as part of the Arizona Family College Savings Program Trust Fund, a 529 plan administered by the Arizona Commission for Postsecondary Education (the “Program”). Waddell & Reed, Inc. is one of multiple financial Institutions eligible to offer Investments under the Program. Accounts a not insured by the State of Arizona, the Trust, the Arizona Commission for Postsecondary Education, or any other governmental entity, Waddell & Reed, Inc., Ivy Distributors, Inc., or any affiliated or related party, and neither the principal deposited nor the Investment return is guaranteed by any of the referenced parties.

Index Description: The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index. Source: Bloomberg Barclays

The MSCI ACWI ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the U.S.) and 24 Emerging Markets (EM) countries. The index covers approximately 85% of the global equity opportunity set outside the U.S. It is not possible to invest directly in an index.

The MSCI information may only be used for your internal use, may not be reproduced or repurposed in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, salability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com) Source: MSCI.

Index Description: The Bloomberg Barclays U.S. 1-5 Year Government/Credit Bond Index is the 1-5 year component of the Bloomberg Barclays U.S. Government/Credit Index, which includes treasuries, agencies, publicly issued U.S. corporate and foreign debentures & secured notes. To be included in the index, securities must have at least one, and up to, but not including five years to maturity. Source: Bloomberg Barclays

Index Description: The Russell 3000® Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. Source: FTSE Russell

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

The Fund's Board of Directors has established target ranges for the allocation of the portfolio's assets. The range of portfolio net assets invested in equity funds will be from 0% to 40%; correspondingly, the range of portfolio net assets invested in bond and income-producing funds will be from 100% to 60%. Subject to these asset allocation ranges, the Board of Directors has established these target ranges for investment of the portfolio's assets in specific underlying funds.

1Waddell & Reed Advisors (WRA) Bond Fund merged into Ivy Bond Fund on Oct. 16, 2017. The returns shown prior to this date reflect the performance of WRA Bond Fund, which was incepted on March 30, 1964. Ivy Bond Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Bond Fund. Prior to the reorganization, the Ivy Bond Fund had no assets and had not commenced operations. Performance shown after Jan. 31, 2012, may significantly differ from prior performance due to changes made on that date to WRA Bond Fund's investment strategies. WRA Bond Fund's past performance does not necessarily indicate how Ivy Bond Fund will perform in the future. Waddell & Reed Advisors (WRA) Government Securities Fund merged into Ivy Government Securities Fund on Oct. 16, 2017. The returns shown prior to this date reflect the performance of WRA Government Securities Fund, which was incepted on April 10, 1984. Ivy Government Securities Fund adopted that performance as the result of a reorganization in which it acquired all assets and liabilities of WRA Government Securities Fund. Prior to the reorganization, the Ivy Government Securities Fund had no assets and had not commenced operations. Performance shown after Jan. 31, 2012, may significantly differ from prior performance due to changes made on that date to WRA Government Securities Fund's investment strategies. WRA Government Securities Fund's past performance does not necessarily indicate how Ivy Government Securities Fund will perform in the future.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

Alpha, Beta, R-Squared, Standard Deviation, Sharpe Ratio and Capture Ratio are 5 year statistics. Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta). Beta reflects the sensitivity of the fund's return to fluctuations in the market index. R-squared indicates how much of a fund's fluctuations were attributable to movements in the fund's benchmark. Standard deviation is a measure of how volatile a fund's returns are. Sharpe ratio is a measure of a fund's risk-adjusted performance. Capture ratio reflects the annualized product of fund vs. index returns for all months in which the index had a positive return (upside capture) or negative return (downside capture).

Quality: Our preference is to always use ratings obtained from Standard & Poor's, Moody’s, and Fitch. It is each Portfolio’s general policy to classify such security at the lower rating level if only two ratings are available. If more than two ratings are available and a median exists, the median is used. If more than two ratings exist without a median, the lower of the two middle ratings is used. We do not evaluate these ratings, but simply assign them to the appropriate credit quality category as determined by the rating agency.

Information is subject to change and is not intended to represent any past or future investment recommendations.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial advisor.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.